is buying ’s Flipkart.  continues on technology to control e-commerce market compete against Amazon. company finally make it official. Because giant corporation is acquiringFlipkart.

’s largest retailer will take control soon. Of Bengaluru-based e-commerce company for its acquisition ever, Softbank chief executive officer Masayoshi Son said an webcast ,as per Bloomberg.

Softbank’s 20% stake Flipkart valued at $4 billion. (Rs27,000 crore). Son said, adding that he had invested $2.5 billion the company. Son did not share any further details of the transaction.

is purchasing Flipkart. Last night was the official announcement. I believe the deal was reached the money 2.5 billion that we invested has turned out to be 4 billion.” Son said.

The acquisition cost around $15 billion, according to a previous estimate by Bloomberg.

Amazon was also reportedly the fray to acquire Flipkart went far to  a “breakup fee” of up to $2 billion to prove its seriousness. A breakup fee penalty has set during the takeover process. agreement will pay if the target backs out of the deal.

However, Walmart managed to seal the deal and is now in a place to take the fight to Amazon in ’s e-commerce market, is estimated to grow over 13 times to $200 billion by 2026.

A giant leap

The deal marks a significant milestone for Flipkart.

started in 2007 as an online bookstore operating out of the Bansal duo’s - apartment in Bengaluru. Flipkart is now the most-valued new-age company in the . around 30,000 . It is also one of the highest-funded private companies in the . has a giant Amazon a tough in during the last five years?

An worth billions and backed by marquee investors  Softbank, Tiger Global, DST Global, and Accel Partners, among , Flipkart helped break India’s image as just the ’s back .

the battle

Following deal, the Indian e-commerce space will now become a battlefield for behemoths: Walmart and Amazon.

The companies been fiercely competing against other in the , by acquiring smaller players. Flipkart’s acquisition widely considered as an extension of the battle.

“In the , Walmart is the only formidable competitor for Amazon. Walmart has been growing its e-commerce operations and Amazon has increased its footprint physical stores,” Kartik Hosanagar, a professor of technology and digital at the of ’s Wharton School, told Quartz last week.

“Walmart’s looming in Flipkart reflects that. Walmart is fighting Amazon and in through its partnership . I suspect similar will happen in India through a partnership Flipkart,” he added.